Summit Hotel Properties (NYSE: INN) ("the Company") announced today that its Board of Directors has authorized, and the Company declared, a cash dividend for the fourth quarter ended December 31, 2013 of $0.1125 per share of common stock of the Company and per common unit of limited partnership in Summit Hotel OP, LP, the Company's operating partnership. The common dividend represents an annualized yield of approximately 5.1 percent based on the closing price of shares of the common stock on January 29, 2014.
The Board of Directors also authorized, and the Company has declared, a cash dividend of $0.578125 per share of the Company's 9.25 percent Series A Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2014; a cash dividend of $0.4921875 per share of the Company's 7.875 percent Series B Cumulative Preferred Stock for the dividend period ending on February 28, 2014; and a cash dividend of $0.4453125 per share of the Company's 7.125 percent Series C Cumulative Preferred Stock for the dividend period ending on February 28, 2014.
The dividends are payable February 28, 2014 to holders of record as of February 14, 2014.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments of the lodging industry. As of January 30, 2014, the Company's portfolio consisted of 89 hotels with a total of 11,143 guestrooms located in 22 states.
Additional information about Summit may be found at the Company's website, www.shpreit.com.
Forward Looking Statements
This press release contains
statements that are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Act of 1934, as amended, pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as "may," "will," "should,"
"potential," "intend," "expect," "seek," "anticipate," "estimate,"
"approximately," "believe," "could," "project," "predict," "forecast,"
"continue," "plan" or other similar words or expressions. These
forward-looking statements relate to the payment of dividends.
Forward-looking statements are based on certain assumptions and can
include future expectations, future plans and strategies, financial and
operating projections or other forward-looking information. These
forward-looking statements are subject to various risks and
uncertainties, not all of which are known to the Company and many of
which are beyond the Company's control, which could cause actual results
to differ materially from such statements. These risks and uncertainties
include, but are not limited to, the state of the U.S. economy, supply
and demand in the hotel industry and other factors as are described in
greater detail in the Company's filings with the Securities and Exchange
Commission ("SEC"), including, without limitation, the Company's Annual
Report on Form 10-K for the year ended December 31, 2012. Unless legally
required, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Summit Hotel Properties, Inc.
Dan Boyum, 512-538-2304
VP
of Investor Relations
www.shpreit.com